Bam Aquino presses 2027 budget bicam to prioritise tax relief and transparency

Senator Bam Aquino is urging the executive branch to suspend excise taxes on diesel and gasoline, saying the government already has the legal power to do so, as Congress reconciles the proposed 2027 national budget, according to Edge Davao.

Aquino said Filipino families face mounting pressure from a weaker peso, which has hit P64.50 against the US dollar, along with high inflation and an unstable fuel situation. He noted that overseas remittances may ease household finances over the holidays, but warned that families will feel the full burden once the new year starts.

According to the senator, Congress passed a law allowing the executive to suspend fuel excise taxes once world crude oil prices reach $80 per barrel. He said the executive, which had requested the measure, removed the excise tax on LPG but not on diesel and gasoline. Aquino argued that these two fuels have a bigger impact on consumers because higher fuel prices push up the cost of food, logistics and daily transport.

Aquino also proposed suspending the 12 percent value-added tax on electricity for residential consumers, covering the entire bill and not just the system loss charge. He said this would target households without subsidising large commercial users, and that over a year the savings would amount to roughly one month of free electricity.

On concerns about lost government revenue, Aquino said fiscal discipline and action against corruption should offset any temporary revenue cuts, so that public funds go to classrooms and health care instead of being lost to leakages. He summed up the idea as "Bawas buwis, bawas bwisit."

For long-term accountability, he pushed for implementing the CADENA Law, or "Blockchain the Budget," which would use distributed ledger technology to make government procurement and fund allocation trackable in real time.

As the Bicameral Conference Committee meets, Aquino warned against bloated unprogrammed funds and pork-barrel insertions. He said the public should know where government money goes, that funds should not go to questionable projects, and that they should be directed to the country's real priorities.